Bitget update their p2p terms of fee on NGN for sellers

Richbased

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Quote from: Igebotz on October 15, 2024, 03:43:43 AM

If it was service tax or VAT tax to the Nigeria government they would've send a notice about it just like Kucoin did but it's not. 0.5% on sell order is too much. Imo

Most exchanges now are becoming so greedy even in their transaction fees and trading fees, these exchanges make a lot of money from people who uses their platforms but yet am surprise how they are still imposing more needless charges on their customers like it's really very annoying. Some people may say that 0.5% is not a big amount but when you calculate that amount multiplied by the number of trades in their p2p platform in a day you will know that amount is much. Though am not interested about the charges they added but what is more important is for them to prioritize the security of people's assets in their platform that is what we should be more concerned about since a lot of people keeps their funds in exchanges for quick transactions incase they want to sell and get Fiat and also due to high transaction fees from withdrawing assets from self custodial wallets to exchanges. If they want to use those charges as VAT they should just come open and give clarity instead of imposing unnecessary charges in their p2p platform.

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Quote from: Moreno233 on October 23, 2024, 06:45:59 PM

Sometimes I do wonder how the exchanges benefit from P2P transactions but apart from the withdrawal fees of the inflow to the exchanges, no other method I can think of. Maybe that could be the reason Bitget is taking this measures to get some benefits from the P2P business. I don't know how this will impact on their business but I know for sure that it will lead to massive migration of people from Bitget to other exchanges that do not charge have this charge. But it is possible that when Bitget succeeds in this, other exchanges that allow NGN trading, will alo begin to implement similar measures.

They will have to look into everything first before going to add or subtract the transaction fees or whatever fee they have intended to add to their transactions. When you intend to make this nature of decision, it also good to look at the economic situation at the country at a time before implementing new changes in fees and so on. I know these exchanges are not charity organizations and are always looking for how to make profits. However in looking for profits, they cannot overcharge their users because if they do, it will end up reducing their client base to companies offering better chances.

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Quote from: Coyster on October 14, 2024, 04:54:46 PM

I no get bitget account, so i just dey see the update here for the first time. The thing no too clear, how p2p fees go rise as high as 1000 USDT, i no really understand that one oh. I think this has something to do with tax, did the exchange send any message previously about taxes? I have a feeling say dem fit don reach agreement with the federal government of Nigeria on taxation in their platform, as our government no wan dey friendly to crypto, but dem still wan chop for tax.

However, as many exchanges were delisting the NGN p2p from their exchanges because of our government rules, so even though I don't use Bitget's p2p, I opened the account and kept it. However, I didn't receive any notification about the fees to be charged to anyone who wants to sell their coin, perhaps they have agreed with the federal government because our government only knows how to collect taxes, even when they were shouting that every exchange should ban the NGN p2p, I knew that all of their trouble would end up in fees.

To be honest, if this information is real, the fees are too expensive, how much would one sell to pay such fees? Most of these exchanges try to take advantage of us because they know we do not have anywhere else to sell our coins, and they believe we are powerless without them. But I would like to know if we used P2P more than other countries. Because if they simply ask for the fees from us, it is unfair.

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Perhaps the exchange Bitget, is only trying to apply caution as regards the Nigerian market, because we can clearly see what's happening with Binance and we living in or are citizens of this current regime, know that this government is a tax collecting government and at any time they can pounce on any growing business all in the guise of collecting the tax that is owed them for operations within the country or in affiliation with the country.

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Quote from: Moreno233 on October 23, 2024, 06:45:59 PM

Sometimes I do wonder how the exchanges benefit from P2P transactions but apart from the withdrawal fees of the inflow to the exchanges, no other method I can think of. Maybe that could be the reason Bitget is taking this measures to get some benefits from the P2P business.

The earn through other means just like every other CEX offering p2p but is just that this time they are prying on the fact that we have fewer options since this new terms of service was added just for we doing p2p with our local fiat, naira, it's ironic but we don't really have much option thanks to having governmental head who don't know their left from their right.

Quote from: Moreno233 on October 23, 2024, 06:45:59 PM

I don't know how this will impact on their business but I know for sure that it will lead to massive migration of people from Bitget to other exchanges that do not charge have this charge. But it is possible that when Bitget succeeds in this, other exchanges that allow NGN trading, will alo begin to implement similar measures.

I'm still using it sadly since we have limited option on CEX, I rather will just continue to use them until for the main time since I often don't like the fact that some of these CEX may want us to use our BVN for kyc while others like bitget did only need our NIN number, this was what Binance and OKX was using before all these governmental issues with them started.

Moreno233

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Sometimes I do wonder how the exchanges benefit from P2P transactions but apart from the withdrawal fees of the inflow to the exchanges, no other method I can think of. Maybe that could be the reason Bitget is taking this measures to get some benefits from the P2P business. I don't know how this will impact on their business but I know for sure that it will lead to massive migration of people from Bitget to other exchanges that do not charge have this charge. But it is possible that when Bitget succeeds in this, other exchanges that allow NGN trading, will alo begin to implement similar measures.

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Quote from: EL MOHA on October 14, 2024, 04:59:10 PM

Both bitget and Bybit are the two most commonly used exchanges for P2P service now since the delisting of Naira from other top exchanges, so now for the new development or let me say the new policy by the Nigerian regulator is the recent increment of fees this was actually brought to the limelight by KuCoin exchange. So my guess is maybe the bitget too were maybe taken the same route to enable them pay maybe an agree tax. I think we might see further information but I think since this is just for Nigeria and not a general thing, it will be associated with the exchange meeting our country terms

There is something a bit off about this development. Kucoin has started to tax their customers but it's indirect tax, not really directly from their trades from the trading fees, there is a percentage that goes to the Nigerian government as VAT(value added tax) but they aren't allow to have P2P service for the customers. I think that was the same thing that send away OKX exchange from Nigeria but Bybit is still functioning in everything but there is no any announcement regarding such developments.

Bybit has become the biggest exchange in Nigeria by p2p since Binance and Kucoin left the space, but they are not frustrating their customers like most of this exchanges are doing even though they aren't as great as Kucoin and Binance but who knows, now that Binance case has been dropped down by the Nigerian government, p2p might strive again because dollar has refused to come down till now.

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Quote from: Amphenomenon on October 14, 2024, 04:04:53 PM

Seems like only the advertisers/merchants there are free from this fee when selling for NGN.
The fee can get to as high as $1000 from $0.1, though we see they're charging 0.5% from every sell for NGN, which still yet I don't know why changes was made especially from the fact that this only for sellers of coins for NGN, every other Fiat currency is still free for the buyers or sellers no added fee.

I am just seeing this here for the first time. I do use Bitget but not as much as I use other exchange like Bybit for my P2P. I don’t even use Bitget for any P2P service but just for deposit only. This is not nice at all and I don’t see why they will be charging as high as $1000 for a transaction on p2p. They should look into that because if they don’t, they may lose more customers on p2p services or even for other services the platform is offering. This is too exuberant and could lead to not having confidence to continue using the platform.

Quote from: EL MOHA on October 14, 2024, 04:59:10 PM

Both bitget and Bybit are the two most commonly used exchanges for P2P service now since the delisting of Naira from other top exchanges, so now for the new development or let me say the new policy by the Nigerian regulator is the recent increment of fees this was actually brought to the limelight by KuCoin exchange. So my guess is maybe the bitget too were maybe taken the same route to enable them pay maybe an agree tax. I think we might see further information but I think since this is just for Nigeria and not a general thing, it will be associated with the exchange meeting our country terms

Even though they want to comply with the regulations that the Nigerian government want to put in place for exchanges, is till feel the price they’ll be charging to as high is too big and will make many people to stop using them when other exchanges that are offering the same services are not doing that also. I haven’t seen this on Bybit and maybe since it’s because of the new rule the government wants to put on exchanges, we may see it coming there too soon. But they shouldn’t be so harsh on it like Bitget is tryna do.

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Quote from: Igebotz on October 15, 2024, 03:43:43 AM

Quote from: Coyster on October 14, 2024, 04:54:46 PM

I no get bitget account, so i just dey see the update here for the first time. The thing no too clear, how p2p fees go rise as high as 1000 USDT, i no really understand that one oh. I think this has something to do with tax, did the exchange send any message previously about taxes? I have a feeling say dem fit don reach agreement with the federal government of Nigeria on taxation in their platform, as our government no wan dey friendly to crypto, but dem still wan chop for tax.

There used to be some kind of fees on P2P trade when the whole feature was still new on CEX until Binance decided to make it zero fees p2p to attract vendors from other CEX to their marketplace. Initially, Binance was always charging fees but removed them as the exchange grew larger. That move alone forced other exchanges to remove fees from their p2p to compete with Binance. I believe Bitget has reinstated fees to its p2p marketplace now that Binance is no longer active. Bitget and Bybit are currently the exchanges with the biggest p2p trading volume, and they can extort vendors as much as they want because other exchanges are not in competition.

If it was service tax or VAT tax to the Nigeria government they would've send a notice about it just like Kucoin did but it's not. 0.5% on sell order is too much. Imo

This reminds me when remitano used to charge as high as $5 on each deposits be is USDT or bitcoin etc, this was the early stage of the cryptocurrency adoption in the Nigeria a d the starting point for centralised p2p exchanges, this is just a suck hole by those exchange and an abuse on the users, but since this exchanges knows the weakness in the Nigeria cryptocurrency industry, the manipulate, and enforce whatever rules as large as it means taking fees from p2p users and traders, Binance is a big player in the market who have used the cryptocurrency market cap and trading volumes to set a standard in the past where almost everything with zero fees, since then the NiG p2p crypto market have witnessed alot of positive progress from the new exchanges since their follow Binance steps.

But now that Binance is no longer active in the Nig p2p market a d the coming of cryptocurrency exchange licensing in Nigeria, and also with the recent climp down on cryptocurrency vendors, this have open another can of worms on the cryptocurrency market in Nigeria eating up fees that can not be record for, the government have not really played it fundamental roles since the beginning to the market is deregulated, and every actor now plays the game the way they want.

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Quote from: EL MOHA on October 14, 2024, 04:59:10 PM

Quote from: Amphenomenon on October 14, 2024, 04:04:53 PM

Seems like only the advertisers/merchants there are free from this fee when selling for NGN.
The fee can get to as high as $1000 from $0.1, though we see they're charging 0.5% from every sell for NGN, which still yet I don't know why changes was made especially from the fact that this only for sellers of coins for NGN, every other Fiat currency is still free for the buyers or sellers no added fee.

Both bitget and Bybit are the two most commonly used exchanges for P2P service now since the delisting of Naira from other top exchanges, so now for the new development or let me say the new policy by the Nigerian regulator is the recent increment of fees this was actually brought to the limelight by KuCoin exchange. So my guess is maybe the bitget too were maybe taken the same route to enable them pay maybe an agree tax. I think we might see further information but I think since this is just for Nigeria and not a general thing, it will be associated with the exchange meeting our country terms

Yeah I believe it's a regulatory/compliance thing to enable the exchange continue offering their services. This was their official release. https://www.bitget.com/support/articles/12560603816526

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Quote from: Josefjix on October 15, 2024, 08:04:09 PM

Quote from: Salahmu on October 15, 2024, 05:11:48 AM

What if people divert to such platform that doesn't require such fees it will certainly affect Bitget because Nigerians are one of the most populated users on Bitget, so it could somehow have an effect on them if all the Nigerians decided to leave the exchange,

I came across the news on X yesterday and was not surprised at all, however one frequent misconception among Nigerians is that every Nigerian on central exchanges is simply there for p2p trading, whereas Bitget offers some of the best crypto new gems and strong prospects of aping into new projects.

Nigerians see a platform for exchanging their coins, whereas Bitget sees an opportunity to benefit on their numbers.

I never knew that Bitget offers the best crypto games because I have not really check in details about the kinds of crypto games they offer, perhaps that could be there reasons why they are acting that way towards the Nigerians because they have already known that they have some of the crypto games non of the Centralized exchanges have, so that alone will make Nigerians not to leave there platform even if they are not okay with their established terms and conditions.

From your aspect of observation, I will like to add more suggestions that if those crypto games are the only reasons why some of the Nigerians are using the platform, Perhaps what they should do is that whenever they have played to their satisfaction and are ready to sell some of their coins to naira they should withdraw it to another centralized exchanges that doesn't charge any fees in selling to the naira, at least with that method Bitget will understand that their P2P exchanges is not even the main reason why the Nigerians are there.

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Quote from: Salahmu on October 15, 2024, 05:11:48 AM

What if people divert to such platform that doesn't require such fees it will certainly affect Bitget because Nigerians are one of the most populated users on Bitget, so it could somehow have an effect on them if all the Nigerians decided to leave the exchange, is obvious they have done there calculations very well that no matter anything Nigerians needs them the most and will be ready to abide to any development, however if in the future the Nigerian government come to a good term with those exchanges they banned Bitget will certainly regret there actions because there will not be any Nigerians that would be left to patronise there platform.

I came across the news on X yesterday and was not surprised at all, however one frequent misconception among Nigerians is that every Nigerian on central exchanges is simply there for p2p trading, whereas Bitget offers some of the best crypto new gems and strong prospects of aping into new projects.

Nigerians see a platform for exchanging their coins, whereas Bitget sees an opportunity to benefit on their numbers.

Quote from: Samlucky O on October 15, 2024, 06:23:41 PM

I also noticed it this weekend, after sending fund to my bitget exchange they required me to update my app before I could possibly exchange my coin for fiat on P2P, Which I did. When I was just about to trade P2p on that exchange , they deducted the amount you have explained, and it made my money reduce. I just have to accept it since I don't have any choice. I believe say government hand dey inside but anyway God pass dem.

When there are new updates to TOS, you have to accept the new teams of service to be able to use the service again, sometimes it requires upgrade on outdated apps. It's normal.

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Quote from: Amphenomenon on October 14, 2024, 04:04:53 PM

So during the weekend I was about to run p2p on my Bitget apps but I was required to updating it before I can commence it, after the update I was require also to accept their new p2p terms of service for NGN sellers, inorder for me to sell.

I also noticed it this weekend, after sending fund to my bitget exchange they required me to update my app before I could possibly exchange my coin for fiat on P2P, Which I did. When I was just about to trade P2p on that exchange , they deducted the amount you have explained, and it made my money reduce. I just have to accept it since I don't have any choice. I believe say government hand dey inside but anyway God pass dem.

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Quote from: Amphenomenon on October 14, 2024, 04:04:53 PM

So during the weekend I was about to run p2p on my Bitget apps but I was required to updating it before I can commence it, after the update I was require also to accept their new p2p terms of service for NGN sellers, inorder for me to sell.

I also experienced similar thing when i decided to make use of the Exchange after a long while, i missed the notification and so i just noticed it when wanted to carry out a p2p order after updating my app i didn’t want to continue with it because of the fees and since other exchanges doesn’t demand p2p fees i felt as if i was cheated but i just had to continue since my Bybit app was misbehaving and i needed to transact asap.
It’s really not fair to charge for a P2P transaction.

Quote from: Amphenomenon on October 14, 2024, 04:04:53 PM

Seems like only the advertisers/merchants there are free from this fee when selling for NGN.
The fee can get to as high as $1000 from $0.1, though we see they're charging 0.5% from every sell for NGN, which still yet I don't know why changes was made especially from the fact that this only for sellers of coins for NGN, every other Fiat currency is still free for the buyers or sellers no added fee.

With this they may lose some customers because otherr exchanges to charge. I myself have vouched not to use the exchange except when i have no other alternative.

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Quote from: Igebotz on October 15, 2024, 03:43:43 AM

Quote from: Coyster on October 14, 2024, 04:54:46 PM

I no get bitget account, so i just dey see the update here for the first time. The thing no too clear, how p2p fees go rise as high as 1000 USDT, i no really understand that one oh. I think this has something to do with tax, did the exchange send any message previously about taxes? I have a feeling say dem fit don reach agreement with the federal government of Nigeria on taxation in their platform, as our government no wan dey friendly to crypto, but dem still wan chop for tax.

There used to be some kind of fees on P2P trade when the whole feature was still new on CEX until Binance decided to make it zero fees p2p to attract vendors from other CEX to their marketplace. Initially, Binance was always charging fees but removed them as the exchange grew larger. That move alone forced other exchanges to remove fees from their p2p to compete with Binance. I believe Bitget has reinstated fees to its p2p marketplace now that Binance is no longer active. Bitget and Bybit are currently the exchanges with the biggest p2p trading volume, and they can extort vendors as much as they want because other exchanges are not in competition.

If it was service tax or VAT tax to the Nigeria government they would've send a notice about it just like Kucoin did but it's not. 0.5% on sell order is too much. Imo

Well at some point you are saying the sad truth. Where there is competition, business owners tend to find what will attract customers to themselves. They go as far as removing discount or adding extra service that will entice customers. And that is what happened on these exchanges for a long time. Now that the market is has limited competitor in Nigeria. I think Bitget is using it as an opportunity to make good profit from Nigeria P2P orders. In the meantime Bitget has the highest p2p order in Nigeria. Compared to Bybit.

If we want to find out if what you say is true, then we ought to check if this fees is included to other countries that binacne and other top exchanges still accept p2p. If the new terms and condition affects all other countries then ill know their intention isnt to extort Nigerias

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This update make sense but na for only people wey they use bitget centralized exchange for their trade. Me na bybit exchange a they use and ah no sure say ah they pay this kind of fee through out wey ah done they trade for the exchange.

Anyway, as still they thank because imagine say ah decide to switch to bitget exchange, who knows ah for no read this term because me ah they like to skip plenty plenty information.

knowngunman

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I don't have verified Bitget account and I don't even know they offered P2P service in Nigeria currency. Things like this don't longer surprises me knowing that the present government we have is a personality driven by tax oriented mindset. Some few days back, I noticed Kucoin charging tax fees when you want to send coins to other wallet aside from the normal transaction fee they use to deduct. At this moment, we don't seem to have any other choice than to accept their terms since government is putting enough burden on them to retrieve taxes that'll not be put to good use.

Quote from: Igebotz on October 15, 2024, 04:29:10 AM

I'm not in support of the recent development but that's the price we have to pay for Bitget going against our Govemment when the exchanges we trusted turned blind eyes on us. Cheesy

I don't think so boss. They didn't turn blind eyes on us but rather, they are trying to protect their brands and not lock head with government. Only God knows the conditions set out for them by FGN that force them to pull out their service from our country. Moreover, some of them have made enough money that they don't want to be strictly controlled on how to run their service. The upcoming ones we still have around are just doing eyes service and licking government ass to operate. They have no option other than enforce what they are being told to do.

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Quote from: Igebotz on October 15, 2024, 04:29:10 AM

Quote from: Salahmu on October 15, 2024, 04:04:21 AM

It seems the inflows of Nigerians into that platform is beginning to make them feel like they are the only existing exchanges Nigerians can use, normally is only on the trading side they usually charge a little because is common to all the exchanges but extending it to the selling doesn't make sense because is not fair at all, they are being bias because if such development should happen they are supposed to make it a general something were all the Fiat will also face the same thing instead of just the Naira.

Actually we need them more than they need us cause your choices are limited, they are taking advantage of our situation, they're know how desperate we're to trade our coins to Fiat.

I'm not in support of the recent development but that's the price we have to pay for Bitget going against our Govemment when the exchanges we trusted turned blind eyes on us. Cheesy

Yeah you are right because as it stands now we need them more because the government restrictions on most of the major exchanges has enslaved us on the existing ones were they can treats the Nigerians users whichever way they like because they have seen how desperate the Nigerians are, however don't you think there are platforms that work better than Bitget and do not have such development on there platform?.

What if people divert to such platform that doesn't require such fees it will certainly affect Bitget because Nigerians are one of the most populated users on Bitget, so it could somehow have an effect on them if all the Nigerians decided to leave the exchange, is obvious they have done there calculations very well that no matter anything Nigerians needs them the most and will be ready to abide to any development, however if in the future the Nigerian government come to a good term with those exchanges they banned Bitget will certainly regret there actions because there will not be any Nigerians that would be left to patronise there platform.

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Quote from: Salahmu on October 15, 2024, 04:04:21 AM

It seems the inflows of Nigerians into that platform is beginning to make them feel like they are the only existing exchanges Nigerians can use, normally is only on the trading side they usually charge a little because is common to all the exchanges but extending it to the selling doesn't make sense because is not fair at all, they are being bias because if such development should happen they are supposed to make it a general something were all the Fiat will also face the same thing instead of just the Naira.

Actually we need them more than they need us cause your choices are limited, they are taking advantage of our situation, they're know how desperate we're to trade our coins to Fiat.

I'm not in support of the recent development but that's the price we have to pay for Bitget going against our Govemment when the exchanges we trusted turned blind eyes on us. Cheesy

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It seems the inflows of Nigerians into that platform is beginning to make them feel like they are the only existing exchanges Nigerians can use, normally is only on the trading side they usually charge a little because is common to all the exchanges but extending it to the selling doesn't make sense because is not fair at all, they are being bias because if such development should happen they are supposed to make it a general something were all the Fiat will also face the same thing instead of just the Naira.

Actually if this continues there would come a time when they will raise the fees even more higher than what they have said because this is how it normally started, however I see no reason why they would even do that because they are not in anyway paying tax to the Nigerian government that would have made them to decide and collect there money back through such methods, so actually if they continue that way they would certainly loss a lot of users.

Topic: Bitget update their p2p terms of fee on NGN for sellers (Read 269 times)